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Dad,
He said: no authority can take away our rights.
Imo opinion the DOJ is the ultimate (?) A-U-T-H-O-R-I-T-Y.
;-/
But then again: AMJ23 knew this already, so why are we discussing this. :p
Then ask him. . .
I also sent him an email in which I asked him to elaborate.
mmadigan@akingump.com
Remember: he said in so many words they will do 'anything' to "prep up" the SP. That's why he was there in the first place imo. And to keep an eye on Peter of course.
;)
http://investorshub.advfn.com/boards/read_msg.asp?message_id=22235866
But my personal favourite is that Madigan said:
"There is NO AUTHORITY to take our rights away"
Don't get upset AMJ,
We just are going to contact him about this when he is back at the office.
;)
http://www.akingump.com/attorney.cfm?attorney_id=397
Any volunteers?
I'm sure he meant (if at all) maybe Offor has a problem, but not the company.
He did not say that X can't take away our rights, he said:
"OUR RIGHTS CANNOT BE TAKEN AWAY" meaning: that our rights cannot be taken away by ANYBODY.
I think he wanted to narrow the impact of all investigations on our SP a little bit (understatement), IMO of course.
He also said that all options are being considered to "prep up" the SP. Maybe that's why he said it.
The line was bad, he mentioned another word i missed.
I think he said the best prospect (meaning(?)in the whole world at this moment in time).
Final question:
Shareholders meeting? We want directors, were are we on that?
At the Shareholders meeting directors will be appointed.
General remark regarding the co: "We pledge to do our best."
JDZ BEST in the world.
Ledbetter's effort will pay of according our host.
"
Who OWNS Feltang?
Feltang is a group of Nigerians. that's it.
Stock split:
Management is concerned about the SP. All options are being considered.
This CC is getting better and better...
Time frame DOJ:
These matters cannot drag on forever, they are working on it.
There is NO AUTHORITY TO TAKE OUR RIGHTS AWAY.
Pretty confident statement, backed up by our legal advisors i'm sure.
Feltang is an "entity".
This is a worthless CC up until now.
SP will sink slowly again, thanks to him.
He already skipped a question again.
Now somebody is asking him to ADDRESS something from our list.
The subpoena messed thins up, therefor OPL went to Starcrest because it was another (!?!) "controversial acquisition".
Next question:
What MIGHT be the outcome of the investigations?
No answer.
Next question about intention and plans Block 1
He doesnt know anything about block 1. Ask Chevron.
Next question about the missing CEO
Answer: we HAVE a CEO. lol.
We are a unique company, American company, properties in Africa.
Confidence in Luca. Duh.
First question about the 100% choices conflict in the EEZ.
We still retain our priority in the EEZ. We are not set back.
he doesn't realy elaborate. . . on antything yet. :)
Somebody from Nigeria. lol.
Man, what he is talking about now, he could have put that in paper, oh wait, it is already on paper.
He, he is starting to talk about the investigation. ssstt.
shoot, he is not at liberty to talk about it... blabla.
First questions: right now.
The doctor is listening in. . .
He is talking figures right now (is this live live?)
This guy really has an accent, lol. Even worse than Dutch.
Whether the questions will be answered satisfactory or not, they will address most of them imo, and that gives us the opportunity to see what their demeanour is.
Are they on the defense? Do they radiate confidence. Are they at ease?
Maybe a slip of the tong in a certain direction (JDZ is a company-breaker or maker).
This CC can be very worthy.
The most important questions should be asked first, and imo the most important question is:
What is the worst case scenario/outcome regarding the investigation, that they are aware of.
CC is a good thing.
Dear Sirs,
Can you tell me what the reason is for holding a conference call to only discuss the quarterly results for the first time ever?
Looking forward to your prompt answer.
Sincerely,
Julius,
Thank you for your note to ERHC Energy. The reason for the first-ever quarterly conference call is to update shareholders and the investment community about ERHC’s financial standing and operations, and to provide those who have questions a platform to ask them. It is standard practice for public companies to provide such periodic updates and ERHC intends to make this a regular practice on a going forward basis.
We hope you can participate.
Sincerely,
Dan Keeney, APR
DPK Public Relations
214-432-7556 (DFW Area)
832-467-2904 (Houston)
254-230-4621 (Waco)
www.keeneypr.com
Depending on the sort of news, the road to $4,- can go very quickly. . .
lol.
It's pre-institutional interest.
You know, them guys in disguise with a big black hat and a raincoat, hanging on the phone.
The company is getting somewhat assertive.
So you agree with me? :)
They don't hold a CC for the Investorshub community, imo.
Part of a little roadshow? Start acting like a real company?
I think they want to come across as a real company, real professionals. :)
A cc is good for some articles in newspapers, something like that.
Imo the cc is being held solely because of growing institutional interest, and nothing else.
maybe some interesting questions will be asked by them analysts.
bwtfdoesthedoctorknow?
No, Shea is alive and kicking:
Tuesday, July 24, 2007
New Lies From Chevron?
A sharp-eyed Investor's Hub contributor has found an extraordinary - and false - claim from Houston-based Chevron on the company's Website that says Chevron acquired an interest in "Block 11" of the Nigeria-Sao Tome Joint Development Zone, located 150 miles off the Nigerian coast in the Gulf of Guinea, in 2004.
Problem is, there is no Block 11 - the Joint Development Zone has only 10 blocks, and Chevron has rights in only Block 1, where it holds a minority interest to ExxonMobil's majority interest.
Here is the false claim, one of two Chevron has made recently about its limited rights in the JDZ:
Chevron is leading the JDZ. Block 1 was acquired in 2003, and Block 11 was awarded in 2004. A production sharing contract was signed in 2005. The first exploration well in JDZ Block 1, Obo 1, was completed in 2006 and found hydrocarbons. Commercial options are currently being examined to determine the potential for additional drilling.
After letting it slip to a French oil newsletter and then The Wall Street Journal that it had made a huge discovery in Block 1 in 2006, Chevron slowly backed away from the claim and said it had doubts as to the "commercial viability" of the find.
That contretemps may have been a way of embarrassing the Nigerian government of President Olusegun Obasanjo, which had trumpeted the find in hopes of gaining new entrants in the next JDZ licensing round, after Chevron's embarrassing performance in the 2005 Licensing Round. Or it may just be that it's in the company's interest to minimize the find to reduce its royalty load from recovered oil.
posted by ...Joe Shea at 4:49 AM
at present it chopped of 2/3 of the price.
Hopefully that changes.
Never thought of that. . .
Nigeria CAN threaten the US with any kind of sanction.
Not sure they will, but not unthinkable.
Can somebody tell me why unrisked is linked to a higher number than risked recoverable reserves?
tia.
Intersting OT Iwondertoo,
http://tinyurl.com/2p9jbo
With a stop of the 12.500 executions on average a year, they need another 80 years just to reach the number of 2.5 million prisoners the US has.
And then we still have the fact that China has over 1.3 billion inhabitants, and the US only 23% of that number.
In all that means that China should have over 10 million people in jail, just to come alongside the good old US of A.
If jails weren't a "growth business" I should think there is something fundamentally wrong with the justice system.
So America has almost 10 times as much people in jail than China. Brrr.
redinvest,
OT for a minute, an eyeopener(?):
"New Justice Department statistics indicate that the number of people in prison in the United States has grown at the highest rate since 2000. That's right, the Land of the Free has more people in jail than any other country in the world with nearly 2.25 million behind bars. Communist China came in a distant second with only 1.5 million."
http://tinyurl.com/38t7ml
On Topic: Any comments on this from an advocate of the devil:
The penalties can be rather light to extremely severe based on certain circumstances. Historically the lightest penalties are handed down to companies who caught the bribe through internal controls, reported it immediately and took corrective action. The heaviest penalties are handed down to those who deny, referred to by the FCPA as "willfull blindness". Basically, those who bribe and then cover it up with other knowingly illegal acts such as accounting fraud get the sledge hammer.
1) Criminal Penalties per Violation
Criminal penalties for violations of the FCPA's antibribery provisions can be quite severe. Corporations and other business entities are subject to a fine of up to $2,000,000 per violation. Officers, directors, stockholders, employees, and agents are subject to a fine of up to $250,000 per violation and imprisonment for up to five years. Under the Alternative Fines Act, the actual fine may be up to twice the benefit that the defendant sought to obtain by making the corrupt payment. Fines imposed on individuals may not be paid by their employer or principal.
2) Civil Penalties per Violation
The Attorney General or the SEC may bring a civil action for a fine of up to $10,000 per violation against any issuer as well as any officer, director, employee, or agent of a firm, or stockholder acting on behalf of the issuer, who violates the antibribery provisions.
3) Penalties per Violation of the Books & Records Provisions:
Any person who willfully violates the FCPA books and records provisions or any person who willfully and knowingly makes, or causes to be made, any statement in any application, report, or document required to be filed in violation of those provisions shall upon conviction be fined not more than $5,000,000, or imprisoned not more than 20 years, or both, except that when the violation is made by an issuer rather than a natural person, a fine not exceeding $25,000,000 may be imposed. As before, the Alternative Fines Act applies, so that the monetary fine can be up to twice the benefit that the defendant sought to obtain through the violation.
So as you can see, the penalty can be up to twice the benefit that ERHE sought to obtain through the violation. Quite significant if you ask me.
http://tinyurl.com/2jteyp
Dear Dr. J,
Thank you for your interest in ERHC. ERHC continues to be assisted by the law firm of Akin Gump Strauss Hauer & Feld LLP in the investigation. ERHC continues to update the general public, through our press releases and regulatory filings, on the progress of investigation. ERHC continues to do its business in the JDZ. Our most recent press release was yesterday, 9th July, and I would refer you to it for further information.
We count on your continued support and interest in ERHC.
Best regards,
ERHC Management
Sylvan Odobulu
Controller
ERHC Energy, Inc
5444 Westheimer Road, Ste. 1440
Houston, Texas 77056
Direct (713) 554 - 3061
Main (713) 626 - 4700
Fax (713) 626 - 4704
"ERHC continues to do its business in the JDZ." Could this be in any way an answer, as to the legal cloud hanging over us".
What still puzzles me (sorry about that)
is: why is (was) big oil trying this if they are also of the opinion that given rights in the JDZ are solid.
Or is it that they cannot stop this process now after they started it? In other words, just shooting at everything that moves.
I would love to hear from our legal counsel what they think (know!) is the worst possible outcome for the COMPANY (!).
Luca:
"Our position (!!!) is that the circumstances during the past decade – including numerous concessions and renegotiations on our part – led to development rights in the JDZ being legitimately awarded to ERHC."
I thought so. I knew the company was already public when he came into the picture.
But I did not know he, as already somebody with cash and influence(?)), did not have enough cash to take the whole company private immediately. I guess he regrets that these days. . .
Art2004, thanks for your private reply.
This is what a fellow investor asked me:
"Of course, all of this leads to the million dollar question. WHY RAISE EQUITY IN THE FIRST PLACE? Why have shareholders?"
Free carry to lots of oil, why go public? In a nutshell.
AMJ, for the record. I never asked and never got that answer.
I assume you don't know it yourself, otherwhise you would have quickly told me. You are here on a daily basis, not to lazy to provide info.
No offence, but if you don't understand that a companie only goes public, if they need cash. What was the motive to go public?
Now, gimme that link, pretty please, googler.
AMJ23, are you suggesting that I should apologize for asking to much as far as you are concerned?
I cannot find anything about why this company was not taken private seven years ago. Therefor I asked Electick, do you have a problem with that?
If yes, may I remind you there are very likely lurkers reading here (behind the blinded glass), and it is not in your disadvantage if they jump on board. Every single day there could be another new investor searching for info.
I can't force you to answer anybody's questions but you don't have to shortcut their interest by telling them: look for yourself.
So, by any chance, do you know why this company wasn't taken off the market immediately? Any links?
If not, hopefully electick will/can answer that question.
tia.
but how about the office space then?
Childern daycare center?
But. . . I don't know how much bigger the current office is?
Maybe it's just a better location what was important?
Electick, two questions for you
Can you elaborate a bit on why the company wasn't taken private all together back then, with all these supposed assets?
And do you know by any chance for certain if this company can lose it's rights in any way as a result of the sec/doj investigation?
I know it's been discussed about very often, but it isn't clear to me wether it all were opionions or facts regarding this important issue?
I agree that it is more likely that if the information about "elephants" was forbearing Big Oil would have corrected them in the news. As far as I know they did not.
So, it looks like they just don't want to talk about it.
But on the other hand, do they really still think they can take away those rights?
Many thanks BB,
Especially BM and Upstream article explained a lot.
I missed those articles back then.
But then again, my interest has been growing.